An Important Message for NYS Residents: Unemployment Benefits Are Taxable
If you are receiving unemployment benefits, consider having tax withheld from these payments to avoid owing taxes when you file your federal and New York State income tax return next year. New York State unemployment insurance benefits and any of the special...
Most Taxpayers Who Requested an Extension to File Must File Today
Today is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2019 tax return must file today. Those filing today who also owe taxes should pay as much as possible to reduce interest and penalties. The extension of time to...
Federal Benefit Recipients With Children Have More Time to Get the $500 Economic Impact Payment
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own Economic...
People Should Have Tax Withheld From Unemployment Now to Avoid a Tax-Time Surprise
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment insurance payments, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have...
Tax Treatment of Unemployment Benefits
The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits. Unemployment compensation includes amounts received under the laws of the United States or of a state, such as: State unemployment insurance benefits Benefits...
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